Reuters reported that oil prices hit a new 12-year low on Monday, dipping below $32 a barrel. Worries over slower demand growth in China have rattled investors, the news agency said.
As quoted in the publication:
U.S. West Texas Intermediate (WTI) crude was down $1.55 at $31.61 per barrel by 11:35 a.m. EDT (1635 GMT), having fallen to the lowest level since December 2003. Brent crude futures were down by $1.76 at $31.79 a barrel, after falling to the lowest level since April 2004.
Speculators increased their net-short positions to a record high in the week to last Tuesday, in a sign that they are losing faith in a price rise anytime soon.
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